Erin Lash, CFA

Erin Lash, CFA, is a director of consumer sector equity research for Morningstar.

More From Erin Lash

We'd suggest investors remain on the sidelines of this no-moat retailer as we expect to shave around $1 from our $72 fair value estimate.

We suggest investors interested in the household and personal-care space consider taking a stake in this wide-moat name.

The narrow-moat retailer continues to benefit from its decision to part ways with its lossmaking pharmacy business and efforts to drive organization-wide efficiencies.

Shares of this wide-moat firm trade modestly below our valuation and look relatively attractive in an industry where discounts are few and far between.

Commodity cost inflation, the need for brand reinvestment, and a shifting business mix mute the wide-moat firm's margin potential.

Cost-saving goals look reasonable, but we think the stock’s overvalued.

In the face of headwinds, the narrow-moat beauty products company enjoyed a decent quarter, but shares aren't yet attractive.

We'll likely increase our fair value estimate of the narrow-moat food distributor by a few dollars, but we think investors should remain on the sidelines for now.

Input costs, brand spending, and a shifting portfolio mix will impede margin expansion.

As the consumer giant make steady progress, we see the firm's shares as looking modestly undervalued in a pricey sector.

More About Erin Lash

Erin Lash, CFA, is a sector director, AM Consumer, for Morningstar*. In addition to leading the sector team, she covers packaged food and household and personal care companies. Beyond managing a team of nine analysts and associates covering an array of consumer firms, Lash also conducts fundamental analysis of 13 multi-billion-dollar market capitalization firms in the packaged food and household and personal care space.

Before joining Morningstar in 2006, Lash spent four years as an investment analyst covering retail, transportation, and technology firms for State Farm Insurance. In this capacity, Lash analyzed financial statements, business strategy, and fundamentals of owned companies and potential investments, presenting her recommendations based on this analysis to State Farm portfolio managers for ownership consideration.

Lash holds a bachelor’s degree in finance from Bradley University’s Foster College of Business. She also holds a master’s degree in business administration, with concentrations in accounting and finance, from the University of Chicago Booth School of Business. Lash has completed the Chartered Financial Analyst® designation. She ranked second in the food and tobacco industry in The Wall Street Journal’s annual “Best on the Street” analysts survey in 2013, the last year the survey was conducted.

* Morningstar Research Services LLC (“Morningstar”) is a wholly owned subsidiary of Morningstar, Inc

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